What is an instrument tendered as full satisfaction of a debt?

UCC Section 3-311 entitled Accord & Satisfaction by Use of Instrument states that a debt is discharged if a debtor gives a check to a creditor "in good faith," the amount of the debt is "unliquidated or subject to a bona fide dispute" and the markings on the check or transmittal letter contain a "conspicuous statement"

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Notice Accompanying Check Tendered in Settlement of Disputed Claim

Broward Florida Notice Accompanying Check Tendered in Settlement of Disputed Claim

Name: Broward Florida Notice Accompanying Check Tendered in Settlement of Disputed Claim
Brand: US Legal Forms
Rating: 4.82 (201 reviews)

Category:

Letters - Notices - Settlements

State:

Multi-State

County:

Broward

Control #:

US-00726BG

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A contract is usually discharged by performance of the terms of the agreement. However, the parties may agree to a different performance. This is called an accord. When the accord is performed, this is called an accord and satisfaction. The original obligation is discharged.

Where a claim is disputed, and where the creditor fails to reject a check for a lesser amount remitted to the creditor by the debtor on the clear condition that it be accepted in full satisfaction, the acceptance on the part of the creditor amounts to an accord and satisfaction of the creditor's larger claim. No particular language is required to be used by a debtor in making a tender of a check in full settlement of a claim against the debtor, so long as the tender clearly indicates that acceptance by the creditor of the amount offered must be in full satisfaction of the claim.

The following form is a sample of a notice accompanying a check tendered in settlement of a claim that is in dispute.

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How to fill out Broward Florida Notice Accompanying Check Tendered In Settlement Of Disputed Claim?

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554, 561 (2001), for the rule that three elements must exist for there to be an accord and satisfaction: (a) there must be a (good faith) dispute about the existence or extent of liability, (b) after the dispute arises, the parties must enter into an agreement in which one party must agree to pay more than that party

An accord is an agreement where one of the parties agrees to accept something different from the amount believed owed in order to settle a disputed claim. The satisfaction is the execution or acceptance of this agreement, and once satisfaction occurs, the previous contract is extinguished.

It is a common myth that if someone writes paid in full on the memo line of a check, and the check is cashed, then the person cashing it has actually agreed to accept that amount as payment in full and is barred from attempting to collect any further balance due.

Short Beware checks with Payment in Full, Full and Final Settlement or similar language written in the memo line or endorsement area. When these Payment in Full checks are cashed, they are very often binding, and can eliminate your rights to recover under contract or the mechanics lien laws.

A settlement agreement is a legal contract that resolves the disputes among all parties by coming to an agreement. It is a legal document where all parties in a court case, in civil law, agree to an outcome of any judgment being made in advance.

Cashing the check is the creditors acceptance, and the money exchanged is the consideration. Crossing out the notation of payment in full is merely a counteroffer, which must be first presented to the writer of the check for their acceptance.

No, it is not legally binding. One party may not unilaterally change the amount owed or terms of payment by doing this. There is a common myth that the memo line on a check has legal force - it doesn't.

Cashing the check is considered to be acceptance of the offer and extinguishes the debt. In order to be effective, however, the words must be clear and conspicuous on the check. There must be no doubt that the debtor intends the check to settle the debt entirely.

An accord and satisfaction is a legal contract whereby two parties agree to discharge a tort claim, contract, or other liability for an amount based on terms that differ from the original amount of the contract or claim. Accord and satisfaction is also used to settle legal claims prior to bringing them to court.

UCC Section 3-311 entitled Accord & Satisfaction by Use of Instrument states that a debt is discharged if a debtor gives a check to a creditor "in good faith," the amount of the debt is "unliquidated or subject to a bona fide dispute" and the markings on the check or transmittal letter contain a "conspicuous statement"

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(f) Mediation Report; Notice of Settlement; Judgment . Familial status shall only be included in this definition for the purpose of claims alleging a discriminatory housing practice under this Act.Specified in the order or notice setting the conference. Claim form included with the Class Notice. The Class Notice is attached as Appendix E. (b). There have been changes in the last two weeks to Part 1. Understanding How and Why "Settlement Negotiations" May Be Used Against You. Fxhr6iY 1. IN THE COUNTY COURT FOR BROWARD COUNTY, FLORIDA.

Broward Florida Notice Accompanying Check Tendered in Settlement of Disputed Claim

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What is an instrument tendered as full satisfaction of a debt?

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